24 Looking to build Credit... What are some good tips on your first Credit Card

[capital sb]

Word? I didn't even know that . The reason I signed up for it was because of the 50,000 k points bonus when I spend 1,000 in 3 months. Hit that mark in the first billing cycle

Lmao yeah man I signed up for the same dam promotion. That 50K = $250 in Amex GC smh. In retail shops and restaurants it = $500.

I signed up for my Navy Federal Cash Rewards card in August and already have $250 in cash back. Like it much more except for the fact that fraud is always declining my card on big purchases its annoying as hell. I'll be arguing for a lower APR in a few months.

 

[murkn3m]

I would rather much have that blue cash preferred and not pay that 175 annual fee

 

[Hank Scorpio]

I don't really like my Gold Premier Rewards card. I much rather have regular cash back. The fact that your points are cut in half when getting an amex GC is ridiculous.

Sign up for the Blue Cash card, you won't have to pay the fee as you do now. It's not the best cash back card in the market (Freedom is), but it's a solid card.

Word? I didn't even know that . The reason I signed up for it was because of the 50,000 k points bonus when I spend 1,000 in 3 months. Hit that mark in the first billing cycle

A lot of people sign up for that reason. It's not even a great points card as well. There's much better points cards out there. In all honesty, AMEX cards are only worth it if you have their "premier" credit cards.

i don't even know what my Income would be, I'm a college student living in student apts work a lil part time job.. My income is prolly no more than $8k

Yikes. IDK if they offer student card anymore. I know before the financial crisis they did. I mean, you can try to apply for one, but I don't think you'll get approved.

 

[ecruteakcityboy]

This is going to sound really dumb.. but what happens if I miss a payment on a bank loan?

 

[dam itz lou]

I don't really like my Gold Premier Rewards card. I much rather have regular cash back. The fact that your points are cut in half when getting an amex GC is ridiculous.

I'm not a big fan either. I never book through the airlines because you'll usually find a cheaper fare through traveocity, expedia, etc. so there goes that 3X category. I use it for gas sometimes and thats about it.

I called to cancel when I got approved for the amex everyday card and they gave me a $75 loyalty credit, another $75 when I spend $1500 in the next 2 months so it brought the annual fee down to $25.

 

[Hank Scorpio]

This is going to sound really dumb.. but what happens if I miss a payment on a bank loan?

Depends how long you go without paying the bill. I know most places don't report to the credit agencies until its past 60 days. I could be wrong about that though. Maybe it's 30 days past the due date.

 

[delete1234]

Haha thanks. I'll wait it out then.

 

[ecruteakcityboy]

Depends how long you go without paying the bill. I know most places don't report to the credit agencies until its past 60 days. I could be wrong about that though. Maybe it's 30 days past the due date.

Had blood coming out of my ear a few monings ago and decided to go to the clinic because of it... That along with the medicine took a bite out of my wallet.
Was gonna use that money to make my payment.

I've never missed a payment and I'm thinking about going up there tomorrow or calling to see what options they have.

 

[murkn3m]

Edit

 

[murkn3m]

A lot of people sign up for that reason. It's not even a great points card as well. There's much better points cards out there. In all honesty, AMEX cards are only worth it if you have their "premier" credit cards.[/quote]


Would you keep this card? I was thinking trying for the freedom or blue cash card

 

[Hank Scorpio]

Had blood coming out of my ear a few monings ago and decided to go to the clinic because of it... That along with the medicine took a bite out of my wallet.
Was gonna use that money to make my payment.

I've never missed a payment and I'm thinking about going up there tomorrow or calling to see what options they have.

If it's been a couple days then I wouldn't sweat it, man. Just go to the bank, let them know what's been going on and pay the due amount. I've missed some payments past a couples of days a few times and it never showed up on my report as a missed or late payment. Banks usually wait a certain amount of time before the report missed payments to the agencies.

A lot of people sign up for that reason. It's not even a great points card as well. There's much better points cards out there. In all honesty, AMEX cards are only worth it if you have their "premier" credit cards.

Would you keep this card? I was thinking trying for the freedom or blue cash card

[/QUOTE]

I'd keep just so you have as much credit available to you as possible. Closing accounts isn't such a good idea either. Making payments on time isn't the only factor to your credit score.

Variables such as average age of credit, total available credit, credit utilization percentage, and payment habits all play a role in determining your score.

I have a ton of cards I barely use, but I keep them around because they have a high line of credit available to me and it adds to my average age of credit and utilization average.

 

[murkn3m]

I honestly just don't want to pay the fee they have . I just opened this account about 2 months ago

 

[capital sb]

I honestly just don't want to pay the fee they have

. I just opened this account about 2 months ago

 I am thinking the same thing. The 50K points seemed so sweet at first, but now I see its not, and that $175 isn't looking good anymore either. Just isnt worth it.

 

[Hank Scorpio]

Let this be a good example for other people in this thread. Stay away from Amex charge cards, unless it's the Platinum.

 

[Mercurial]

Does anyone have any opinions on the capital one quicksilver card? Was considering applying for one. My score is in the 650 range as of a few months ago (going by the rejection letter i got for the chase freedom card) would be my first credit card and im 19. Just need something for gas, food, and maybe a few other things. Plan is to just pay it in full every month 

 

[Hank Scorpio]

Does anyone have any opinions on the capital one quicksilver card? Was considering applying for one. My score is in the 650 range as of a few months ago (going by the rejection letter i got for the chase freedom card) would be my first credit card and im 19. Just need something for gas, food, and maybe a few other things. Plan is to just pay it in full every month 

Have you looked into the Citi Double Cash Card?

Although I think you'll have a better chance of getting approved for the Quicksilver, because of your score.

 

[Mercurial]

Have you looked into the Citi Double Cash Card?

Although I think you'll have a better chance of getting approved for the Quicksilver, because of your score.

I have, seems like it takes a pretty good score to get one and I dont think mine qualifies. Appreciate the feedback Hank you always have good responses

 

[Bert.]

I got approved for the Amex green card earlier this year and I sure as hell ain't have 700 score

 

[Hank Scorpio]

I have, seems like it takes a pretty good score to get one and I dont think mine qualifies. Appreciate the feedback Hank you always have good responses

No problem man.

Capital One is still trying to have a presence in the credit card industry, because they're still a relatively new company. From what I've heard, they seldomley raise credit limits once you have their cards. The good thing about the QS is the unlimited 1.5% cash back.

Another option would be the Bank of America BankAmiricard Cash Rewards credit card.

 

[superb]

I got approved for the Amex green card earlier this year and I sure as hell ain't have 700 score

We don't believe you, you needs more people

 

[polosanddunks]

No problem man.

Capital One is still trying to have a presence in the credit card industry, because they're still a relatively new company. From what I've heard, they seldomley raise credit limits once you have their cards. The good thing about the QS is the unlimited 1.5% cash back.

Another option would be the Bank of America BankAmiricard Cash Rewards credit card.

I thought that too but CapOne just increased both of my seperate cards after the first 6months by $2,500 and $3,000 on the other. I was highly surprised but I also have been doing a complete credit repair and my income is pretty high and spending habits and repay is pretty good.

 

[willie mcfly22]

I got approved for the Amex green card earlier this year and I sure as hell ain't have 700 score

We don't believe you, you needs more people

The irony lol

 

[dakid23]

Let this be a good example for other people in this thread. Stay away from Amex charge cards, unless it's the Platinum.

Gold > Platinum (At least for my situation)

2x Points on Gas & Grocery's > access to airport lounges

If you book with the AMEX website you get 4x points on flights

 

[Hank Scorpio]

Gold > Platinum (At least for my situation)

2x Points on Gas & Grocery's > access to airport lounges

If you book with the AMEX website you get 4x points on flights

Like I said earlier, Amex Platinum is only worth it if you travel a lot and spend a ton of money on the card.

If you're into gas and groceries, then you should look into Blue Cash Preferred.

I thought that too but CapOne just increased both of my seperate cards after the first 6months by $2,500 and $3,000 on the other. I was highly surprised but I also have been doing a complete credit repair and my income is pretty high and spending habits and repay is pretty good.

I've heard similar stories like this before. From what I know, they probably won't raise it again for a long time. Maybe they're changing things around now though.

 

[willie mcfly22]

I have the Capitol one secured card(filed bankruptcy and rebuilding). Had it for about a year. They actually gave me 100 credit increase after 6 months. Everything in good standing, always pay off balances. Should I wait for them to offer an upgrade? Or should I wait a certain amount of time to apply for an upgrade?